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Four firms eye stake in Indiabulls commod bourse

Posted on 29 August 2008

From Expressbuzz.com: At least four companies have expressed interest in buying stake in the proposed commodity exchange promoted by Indiabulls Financial Services Ltd, a senior official said. The firms, which are all Indian, include banks, government bodies and private companies, Gagan Banga, director, told Reuters adding all of them have applied to the Reserve Bank of India for the necessary approval. He declined to name the companies.

Indiabulls has also applied to the Forward Markets Commission (FMC), commodity futures market regulator, for permission to sell its stake, he said. The companies “want 45 percent but we will sell 34 percent as we want to retain 40 percent,” Banga said refering to the percentage of stake sale being negotiated…… Full Article: Source


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